Last week, I recommended investing in your Principal Residence before thinking about other investments. Your lifestyle would improve and all of your appreciation would be tax-free!
Read part #1: “What’s the best investment?“
But let’s say you’re already happy with your existing home. What should you invest in next?
My recent clients were exactly in that situation.
They wanted real estate as part of their diversified, long-term investment strategy and wondered which type of property they should consider.
There are many options to choose, from pre-construction and student rentals to AirBNB or single-family homes for young families.
Pre-construction is when you put a 20% down payment on a condo (or home) and wait 3 to 5 years for it to be built.
I have found that many investors choose pre-construction investments because they want to press the “snooze button” on being a landlord and don’t want to think about tenants until 2024 or 2025.
However, you will make more money by buying existing resale units because there is more room to negotiate and the per sqft costs are lower. Plus you can start to make income now instead of 3 or 4 years from now.
So, there is no simple answer on WHAT you should invest in.
Everyone’s situation is unique so if you’d like to chat about your different options, contact me any time.
Are you looking to sell? Contact me and let’s talk.
Call (416) 276-4895!
Are you looking for the hardest
working agent in the GTA?
I am always available!
I look forward to working with you now or in the future…
